FIRESTEEL ANNOUNCES PRIVATE PLACEMENT OFFERING FULLY SUBSCRIBED AT FINAL CLOSING

VANCOUVER, Dec. 1 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") is pleased to announce that the Company's non-brokered private placement offering of common shares of the Company in two tranches (the "Offering") has been fully subscribed with an over-allotment provision exercised for 81,000 shares. The Offering raised total gross proceeds of $484,670 and net proceeds after finders' fees of $437,053. The final closing of this Offering occurred on November 30, 2010. Details of the Offering, an amendment thereto and details of the first closing of the Offering were announced by Firesteel in its news releases dated September 20, 2010 and November 2, 2010.

Under the Offering up to 1,500,000 common shares of the Company (the "FT Shares") were offered on a flow-through basis with an over-allotment option approved by the Board to increase the FT Shares component of the Offering by up to an additional 150,000 FT Shares (the "FT Offering"). In the second and final closing of the FT Offering Firesteel completed the sale of 825,000 FT Shares priced at $0.085 per FT Share for gross proceeds of $70,125. A cash finder's fee of $6,162.50 was paid and 72,500 finders' warrants were issued with respect to this closing of the FT Offering. Each finder's warrant entitles the holder to acquire a common share of the Company at an exercise price of $0.07 per common share and expires on November 24, 2011 (the "Finder's Warrant"). The Finder's Warrants may not be exercised prior to March 25, 2011. Including the first closing of the FT Offering Firesteel has now sold a total of 1,600,000 FT Shares for gross proceeds of $136,000.

Under the Offering up to 5,000,000 non flow-through units (the "NFT Units") were offered. No NFT Units were sold in the second closing of the Offering. Thus, Firesteel has total sales of 4,981,000 NFT Units priced at $0.07 per NFT Unit for gross proceeds of $348,670.

This transaction is subject to the approval of the TSXV who conditionally accepted the Company's amended private placement offering on October 27, 2010.

All securities issued by Firesteel in connection with the second closing of the Offering have been legended with the following endorsement:

"Without prior written approval of the TSX Venture Exchange and compliance with all applicable securities legislation, the securities represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until March 25, 2011."

The issued and outstanding capital of the Company following the issuance of shares under this Offering is 52,658,739 common shares.

Proceeds from the Offering will be used for general corporate and working capital purposes and to undertake the planning for and execution of the initial next stage of the exploration program described in the Company's October 8, 2010 news release.

Firesteel is a junior minerals exploration company which explores for and develops quality precious and base metal prospects in the resource rich Stikine Arch area of British Columbia, and in the NWT and Mexico. The Company has been exploring its Copper Creek and ROK - Coyote discovery properties in northern British Columbia with strong showings of copper and gold mineralization. Firesteel maintains its interests in the oil and gas business through its 16 percent shareholding in Blacksteel Energy Inc. (TSXV:BEY)

ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.

"Walter Wakula"

__________________________________

Walter Wakula, Chairman of the Board

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Readers of this news release are cautioned not to put undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

N@N

FIRESTEEL ANNOUNCES PRIVATE PLACEMENT OFFERING FULLY SUBSCRIBED AT FINAL CLOSING